Steve Navra - Economics References Committee 2015-08-06

Discussion in 'Living Room' started by Chai Walla, 21st Nov, 2015.

Join Australia's most dynamic and respected property investment community
Tags:
Page 1 of 4
  1. Chai Walla

    Chai Walla Member

    Joined:
    19th Nov, 2015
    Posts:
    7
    Location:
    NSW

    Attached Files:

    Last edited: 21st Nov, 2015
    Chai Walla, 21st Nov, 2015
    #1
    Terry_w likes this.
  2. Mombius Hibachi

    Mombius Hibachi Well-Known Member

    Joined:
    1st Jul, 2015
    Posts:
    492
    I was at that hearing. It had nothing to do with Navra Financial Services or Steve. The hearing was in relation to Great Southern, Timbercorp and the banks' treatment of borrowers.

    Some of Steve's clients did make statements, but it was primarily in relation to their treatment by Bendigo Bank after everything went to hell. The only reason they were there in the first place was because Sandbach Roberts, who are representing former Navra clients in dealing with Bendigo Bank, were invited to speak at the hearing and asked for people who wanted to have their say at the hearing to attend with them (SB).
     
    Mombius Hibachi, 21st Nov, 2015
    #2
  3. willair

    willair Well-Known Member Premium Member

    Joined:
    19th Jun, 2015
    Posts:
    2,761
    Location:
    ..Brisbane..
    Thanks for the link,interesting reading..
    quote..
    CHAIR: Correct me if I am wrong. On many different occasions between 2001 and 2009 representatives from Great Southern would meet with representatives from Bendigo and Adelaide Bank. They would pitch to you—in some way, shape or form—and say, 'This is a proposal we want people to invest in,' and you said, 'Yes, we are prepared to provide money to individuals who choose to invest in that, but our liability is with the individual, it is not with you.'..
     
    willair, 21st Nov, 2015
    #3
  4. geoffw

    geoffw Moderator Staff Member

    Joined:
    15th Jun, 2015
    Posts:
    4,117
    Location:
    Canberra
    There were a number of witnesses who testified to a very close relationship between those entities, and about the inappropriate advice given.
     
    geoffw, 21st Nov, 2015
    #4
  5. Simon Hampel

    Simon Hampel Founder Staff Member

    Joined:
    3rd Jun, 2015
    Posts:
    3,184
    Location:
    Sydney
    Thanks for posting that @Chai Walla ... it is very sobering reading and quite depressing when you understand the extent to which some of these people have been let down by our financial and legal system time and time again.
     
    Simon Hampel, 21st Nov, 2015
    #5
    733, Chrispy and geoffw like this.
  6. geoffw

    geoffw Moderator Staff Member

    Joined:
    15th Jun, 2015
    Posts:
    4,117
    Location:
    Canberra
    From SMH:
    There's another article from the Australian which I can't clip from- Google Navra bankrupt.
     
    geoffw, 21st Nov, 2015
    #6
  7. Redwing

    Redwing Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    2,016
    Location:
    WA
    Brings up a few PDF story submissions re Navra from Home – Parliament of Australia also
     
    Redwing, 21st Nov, 2015
    #7
  8. See Change

    See Change Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    2,758
    Location:
    Sydney
    I asked lots of question when he was promoting his program on th forum

    I have one question now

    WTF is he still out there giving financial advice ....?

    Cliff
     
    See Change, 21st Nov, 2015
    #8
    skater, S.T and Peter_Tersteeg like this.
  9. geoffw

    geoffw Moderator Staff Member

    Joined:
    15th Jun, 2015
    Posts:
    4,117
    Location:
    Canberra
    I believe that technically, he is providing financial education rather than financial advice.

    I don't know if he is still bankrupt- from the linked article in the first post (dated August this year):
    There has been a lot said about him in this document, not much of it is very flattering.
     
    geoffw, 21st Nov, 2015
    #9
  10. Tony Fleming

    Tony Fleming Well-Known Member Business Member

    Joined:
    18th Jun, 2015
    Posts:
    702
    Location:
    Sydney
    Is there a difference though. Ridiculous he can still be in any form of business
     
    Tony Fleming, 21st Nov, 2015
    #10
  11. Simon Hampel

    Simon Hampel Founder Staff Member

    Joined:
    3rd Jun, 2015
    Posts:
    3,184
    Location:
    Sydney
    He uses his wife's name on everything.
     
    Simon Hampel, 21st Nov, 2015
    #11
  12. Terry_w

    Terry_w Structuring Lawyer and Finance Broker - all states Business Member

    Joined:
    18th Jun, 2015
    Posts:
    16,341
    Location:
    Remote
    There are no restrictions on giving property advice. Even a person currently bankrupt could set up shop advising on property as it is unregulated. There are regulations for those involved in selling property, but not 'advising'.
     
    Terry_w, 21st Nov, 2015
    #12
    RM1827 likes this.
  13. Tony Fleming

    Tony Fleming Well-Known Member Business Member

    Joined:
    18th Jun, 2015
    Posts:
    702
    Location:
    Sydney
    I can't even get my wife to cook me a decent meal let alone sign off on my dodgy business deals :p
     
    Tony Fleming, 21st Nov, 2015
    #13
  14. Tony Fleming

    Tony Fleming Well-Known Member Business Member

    Joined:
    18th Jun, 2015
    Posts:
    702
    Location:
    Sydney
    I can imagine if your just advising you'd still have clients asking to help find and select a property. Feel sorry for the people you hear hat end up ripped off by these people
     
    Tony Fleming, 21st Nov, 2015
    #14
    Terry_w likes this.
  15. geoffw

    geoffw Moderator Staff Member

    Joined:
    15th Jun, 2015
    Posts:
    4,117
    Location:
    Canberra
    In his personal website, an entry on real estate investment from January this year suggests cashbonds as a technique.

    Just. Wow.
     
    geoffw, 21st Nov, 2015
    #15
    Tony Fleming likes this.
  16. Terry_w

    Terry_w Structuring Lawyer and Finance Broker - all states Business Member

    Joined:
    18th Jun, 2015
    Posts:
    16,341
    Location:
    Remote
    Pity it doesn't work!
     
    Terry_w, 22nd Nov, 2015
    #16
  17. See Change

    See Change Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    2,758
    Location:
    Sydney
    I would have more respect for him if he said , I got things wrong last time , I've learnt from my mistakes and this is now I think things should be done , but recycling .....

    I'd have more respect if he stuck to shares .

    Cliff
     
    See Change, 22nd Nov, 2015
    #17
    skater likes this.
  18. Terry_w

    Terry_w Structuring Lawyer and Finance Broker - all states Business Member

    Joined:
    18th Jun, 2015
    Posts:
    16,341
    Location:
    Remote
    shares are a financial product and he would need to be licenced to do this. Obtaining a licence would not be possible for a former or current bankrupt.
     
    Terry_w, 22nd Nov, 2015
    #18
    MTR likes this.
  19. RM1827

    RM1827 Well-Known Member

    Joined:
    29th Jun, 2015
    Posts:
    157
    Location:
    Sydney
    He was the leader figure of an investment seminar from one of those "investment groups" two years ago... not sure if still working with them...

    image.png
     
    RM1827, 22nd Nov, 2015
    #19
  20. geoffw

    geoffw Moderator Staff Member

    Joined:
    15th Jun, 2015
    Posts:
    4,117
    Location:
    Canberra
    geoffw, 22nd Nov, 2015
    #20
Page 1 of 4